NEW DELHI: Aviation turbine fuel (ATF) prices soared to 14-year-high in the country on Wednesday as oil companies hiked jet fuel prices by about 5%. This is the fourth hike in jet fuel prices in less than two months following a spike in global oil prices.
As per the price notification of fuel retailers, ATF price increased by Rs 4,481.63 per kilolitre to Rs 90,519.79 per kl in Delhi. This rate is higher than Rs 71,028.26 per kl reached in August 2008 when international crude oil price was around $147 per barrel.
However, Brent crude oil on Wednesday was trading at $94.87 per barrel, after crossing $95 per barrel just a few days back. The reason for drop in the international oil prices is the de-escalation of tension between Russia and Ukraine.
Jet fuel price changes on the 1st and 16th of every month based on the average price of the international benchmark in the preceding fortnight. The rate was hiked by Rs 2,039.63 per kl or 2.75% to Rs 76,062.04 per kl on January 1, Rs 3,232.87 per kl (4.25%) to Rs 79,294.91 per kl on January 16. Then again, it went up by Rs 6,743.25 per kl or 8.5% to Rs 86,038.16 on February 1.
Oil companies have not revised petrol and diesel prices since Nov 4. Petrol costs Rs 95.41 a litre in Delhi and diesel is priced at Rs 86.67, as per price notification from fuel retailers.